Conventional loan programs are not insured or guaranteed by the government. They are, however, available through Fannie Mae and Freddie Mac.
Conventional loan facts:
- Credit score MUST be no lower than 620
- Conforming loans must be in increments of $50
- There is no minimum amount for your loan
- A second home or investment properties, you have a minimum of $30,000 for your loan amount.
- For a refinance, your home cannot have been listed for sale in the past 6 months
- A valid social security number is required of every borrower
- Your current address must be in the United States, U.S. territories or a U.S. Military APO address.
If you have any quesitons about conventional loans, please leave a comment or send us a message.